The Civil Society Legislative Advocacy Centre (CISLAC) has commended President Muhammadu Buhari for assenting to the Companies and Allied Matters (Repeal and Re-Enactment) Bill 2020 recently passed by Nigeria’s national assembly.

Development Diaries gathered that the Executive Director of CISLAC, Auwal Ibrahim Musa, who issued a signed statement, said the signing of the bill into law was a good step towards fulfilling the desired anti-corruption reform in Nigeria.

‘Important anti-corruption and business commitments made by the president and the government at different occasions can finally be put in motion’, Musa stated.

‘Until now, the absence of the enactment of the CAMA made it impossible to act on establishing a publicly available register of beneficial owners.

‘Financing the Nigerian fight against corruption and poverty is sabotaged continuously by financial secrecy, which erodes national sovereignty.

‘Instead of funding ourselves from taxing business activity, we borrow money abroad and bankroll our budgets at unfavourable and unsustainable terms’.

Musa also said, ‘With the provision regarding the disclosure of persons with significant control in companies, CAMA introduces transparency provision with an obligation for entities to disclose capacity in which shares are held, either as a beneficial owner or as a nominee of an interested person’.

He urged the government to bolster its efforts towards establishing policies, tools and instruments to aid the implementation of the provisions, adding that the implementation of the provisions will be monitored by civil society organisations.

Source: Civil Society Legislative Advocacy Centre

Photo source: Civil Society Legislative Advocacy Centre